Spanish Inflation Rate Revised Up To Highest Since July 2013


Spanish consumer prices rose 1.6 percent from a year earlier in December 2016, up from 0.7 percent in the previous month and above a preliminary reading of 1.5 percent. It was the highest inflation rate since July 2013, as prices rose for transport, housing, leisure activities and food. The average CPI fell 0.2 percent in 2016 compared to a 0.5 percent decline in 2015.

Year-on-year, the biggest upward pressure came from: Transport (+4.7 percent from +1.4 percent in November); housing (+0.8 percent from -0.4 percent); recreation and culture (+0.5 percent from -1.6 percent); and food and non-alcoholic beverages (+0.8 percent from +0.4 percent). Prices also rose for: Communications (+3.3 percent); miscellaneous goods and services (+1.9 percent); hotels, cafés and restaurants (+1.4 percent); clothing and footwear (+0.9 percent); education (+0.9 percent); and alcoholic beverages and tobacco (+0.9 percent). Meanwhile, cost was unchanged for furnishings and household equipment and fell by 0.1 percent for health.

On a monthly basis, consumer prices rose 0.6 percent, following a 0.4 percent gain in November and also boosted by higher prices for transport (+1.7 percent), recreation and culture (+3.2 percent), housing (+1.3 percent) and food (+0.5 percent).

Annual core inflation, which strips out volatile food and energy  prices, was 1 percent, compared to a reading of 0.8 percent a month earlier. 

The EU-harmonised index rose by 1.4 percent on the year, the biggest gain since August 2013, and by 0.5 percent on the month.

The average CPI fell 0.2 percent in 2016 compared to a 0.5 percent decline in 2015.

Spanish Inflation Rate Revised Up To Highest Since July 2013


INE | Joana Ferreira | joana.ferreira@tradingeconomics.com
1/13/2017 8:40:40 AM